Financial crisis deepens at the Bahria Town Karachi
The iconic project of real state, Bahria Town was plunged into darkness last night as the lights were plugged off due to the ongoing financial crisis. The situation has worsened as the inflow of the cash of the real state has been in control of the Supreme Court.
As being reported, over 45,000 employees of the Bahria Town feared to face delays in their salaries. Contractors are also not getting paid and various contracts worth millions of rupees have been cancelled.
Residents, builders and staff of Baharia Town are protesting against the decision of Supreme Court. They are asking SC for the restoration of the bank accounts and electricity of Bahria Town. The affectees are demonstrating protest at M9 highway. M9 is reported to be blocked in front of Bahria town entry gate.
The protesters demanded to restore electricity and accounts of Bahria Town and urged Chief Justice of Pakistan (CJP) Mian Saqib Nisar and Prime Minister (PM) Imran Khan to take notice.
Just in: Contractors, property dealers & employees of #BahriaTown in #Karachi staged a protest over non-payment of amount due to halt of construction work. M9 Motorway totally blocked. #Traffic mess on highway. Delay expected. Plan your day accordingly.#TrafficAlert pic.twitter.com/DFxQQ2sHl1
— Times of Karachi (@TOKCityOfLights) December 8, 2018
Reports of panicking overseas investors, and cancelled contracts have been received from insiders at Bahria Town, who claim that the non-availability of funds due to diverted cash flow to satisfy Supreme Court directions have left the real estate giant unable to pay salaries.
Over 55 industries connected with the construction sector including a limitless number of cement, brick, tiles and wood factories are on the verge of collapse and are closing down.
